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FINANCIAL NEWS
Abu Dhabi’s long term ratings are Aa2: Moody’s
29 Jan 2012
(MENAFN) Moody’s Investors Service’s said that the long-term foreign and local currency issuer ratings of Abu Dhabi are Aa2, reported Arab News.
The agency added that high ratings resulted from the strength of the government’s balance sheet, as Abu Dhabi has little direct or explicitly guaranteed debt, moreover, it has one of the largest sovereign wealth funds in the world with over USD300 billion of assets.
Furthermore, the capital of the UAE has one of the highest gross domestic products (GDP) per capita in the world; also, it has a long history of domestic political stability and enjoys strong relations with other emirates in the UAE, most neighboring countries and the major global countries.
It also said that ratings of Abu Dhabi have a stable outlook, adding that due to the emirate’s very strong fiscal position, its Aa2 rating has not been affected by the debt problems of some of Dubai’s government-related issuers.
It is worth noting that Moody’s also said that Abu Dhabi’s Senior Unsecured (foreign currency) rating was Aa2, while Senior Unsecured MTN Program (foreign currency) rating was (P) Aa2, Other Short Term (foreign currency) ratings were (P)P-1, and Short Term Issuer (domestic and foreign currency) ratings were P-1.
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